Credit, collections & insolvency news

Financial services peer to peer lender Zopa, has announced a 2017 profit after tax of £1.5million.

In its latest company report, the company says It was a year of strong and sustainable growth for Zopa, with 2017’s revenue of £46.5m up 40% on 2016 (£33.2m revenue, loss of £5.8m). The rise in revenue sits alongside an increase in money lent out, with 2016’s £690m up by 43% to £985m. Over the last five years, Zopa has grown its lending and revenues at over 65% CAGR.

A focus on tech innovation, including letting customers know in seconds whether they are pre-approved for a loan, alongside a range of initiatives and partnerships to reach new customers, fuelled the progress.

Commenting on the year’s success, Zopa CEO, Jaidev Janardana, said: “2017 was a landmark for us. We’re proud to see the company’s efforts reflected in our record lending figures, profitability and strong customer growth. It’s a big step towards Zopa’s vision to be the best place for customers’ money. We’ve invested significantly in technology, in our proprietary back office infrastructure, and in our people, all of which have helped Zopa to continue to scale and grow sustainably.”